Entrepreneurial Overconfidence, Outside Equity and Successful Exits
... expectations of personal performance that exceed the level that would be otherwise justified by an unbiased examination of the facts. These systematic distortions of reality are called cognitive biases. It is commonly understood that the human brain has developed these biases as shortcuts to deal wi ...
... expectations of personal performance that exceed the level that would be otherwise justified by an unbiased examination of the facts. These systematic distortions of reality are called cognitive biases. It is commonly understood that the human brain has developed these biases as shortcuts to deal wi ...
Who Owns the Assets?
... three quarters of financial assets are managed directly by the asset owner (Exhibit 2). Many large institutional asset owners invest some or all of their money directly which explains why the largest 20 asset managers have $25 trillion3 in client assets under management, a fraction of the assets bel ...
... three quarters of financial assets are managed directly by the asset owner (Exhibit 2). Many large institutional asset owners invest some or all of their money directly which explains why the largest 20 asset managers have $25 trillion3 in client assets under management, a fraction of the assets bel ...
Firm Productivity Growth
... effects among large firms, the net entry contribution is often negative in this group. Among small firms (with less than 50 employees) and medium firms (firms with an average 50–249 employees), reallocation plays a more important role than within-firm productivity growth. New private firms also show ...
... effects among large firms, the net entry contribution is often negative in this group. Among small firms (with less than 50 employees) and medium firms (firms with an average 50–249 employees), reallocation plays a more important role than within-firm productivity growth. New private firms also show ...
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
... After the merger with Southdown, CEMEX will have annualized combined sales in excess of US$6.3 billion pro forma as of June 30th 2000. "As we indicated to our shareholders last March, we have been looking at many alternatives for enhancing value and adding to the challenge of effectively participati ...
... After the merger with Southdown, CEMEX will have annualized combined sales in excess of US$6.3 billion pro forma as of June 30th 2000. "As we indicated to our shareholders last March, we have been looking at many alternatives for enhancing value and adding to the challenge of effectively participati ...
Corporate Bond Trading on a Limit Order Book Exchange by
... This paper investigates the case of the Tel Aviv Stock Exchange (hereafter TASE), where c-bonds (and government bonds) have been traded for many years by the same open limit order book system as stocks and with no competing exchanges, dark pools, etc. The Israeli c-bond market is quite small (~$76 b ...
... This paper investigates the case of the Tel Aviv Stock Exchange (hereafter TASE), where c-bonds (and government bonds) have been traded for many years by the same open limit order book system as stocks and with no competing exchanges, dark pools, etc. The Israeli c-bond market is quite small (~$76 b ...
Default, Debt Maturity and Investment Dynamics
... debt issuance. The optimal maturity structure should result from a trade-off between the need to manage liquidity risk, and the need to mitigate agency costs. Since the acuteness of each problem may vary over the firm’s life-cycle, or depending on the firm’s distance to default, the optimal maturity ...
... debt issuance. The optimal maturity structure should result from a trade-off between the need to manage liquidity risk, and the need to mitigate agency costs. Since the acuteness of each problem may vary over the firm’s life-cycle, or depending on the firm’s distance to default, the optimal maturity ...
Contribution of the private sector to Climate Change Long
... sources, to address the needs of developing countries in mitigating and adapting to climate change. Estimating private finance mobilized by Switzerland that contributes to climate change mitigation and adaptation in developing countries is very difficult because of several reasons. First, the Swiss ...
... sources, to address the needs of developing countries in mitigating and adapting to climate change. Estimating private finance mobilized by Switzerland that contributes to climate change mitigation and adaptation in developing countries is very difficult because of several reasons. First, the Swiss ...
Required Documents and Guidance Notes for Investment
... 3. Juridical persons applying for its change of name are not required to attach new Power of Attorney (POA) Certificates in its new name. 4. Detailing preconditions for non-ROC enterprises to be an eligible participant of merger and acquisition: (1) Enterprises with substantial business operations. ...
... 3. Juridical persons applying for its change of name are not required to attach new Power of Attorney (POA) Certificates in its new name. 4. Detailing preconditions for non-ROC enterprises to be an eligible participant of merger and acquisition: (1) Enterprises with substantial business operations. ...
ask investment managers private limited
... process for screening potential investments. ASKIM believes in investing in quality businesses that are easy to understand, quality management with a clear vision and focus on business in which it has strengths and at reasonable valuations that can be best described as ‘growth at reasonable price’. ...
... process for screening potential investments. ASKIM believes in investing in quality businesses that are easy to understand, quality management with a clear vision and focus on business in which it has strengths and at reasonable valuations that can be best described as ‘growth at reasonable price’. ...
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... negative U.S. direct investment stock in the Netherlands Antilles that reached negative $25 billion in 1984, more than 10 per cent of total U.S. direct investment abroad (Lipsey, 1998, Table 8.A.1). The whole operation involved little or no production; it was a tax-induced transformation of what was ...
... negative U.S. direct investment stock in the Netherlands Antilles that reached negative $25 billion in 1984, more than 10 per cent of total U.S. direct investment abroad (Lipsey, 1998, Table 8.A.1). The whole operation involved little or no production; it was a tax-induced transformation of what was ...
Do Dividend Initiations Signal Firm Prosperity?
... decline in profitability and cash flow generation. Investors, if they were not aware of a firm’s transition towards more stable earnings, would be positively surprised by this additional information and thus bid up the stock price.10 The second reason could be that shareholders expect dividend initi ...
... decline in profitability and cash flow generation. Investors, if they were not aware of a firm’s transition towards more stable earnings, would be positively surprised by this additional information and thus bid up the stock price.10 The second reason could be that shareholders expect dividend initi ...
Geographic Dispersion and Stock Returns
... It is well documented that both professional investment managers and individual investors display a strong preference for investing in local firms.1 This finding is unexpected from the point of view of standard portfolio theory, and it has spurred a large literature on the causes and consequences of ...
... It is well documented that both professional investment managers and individual investors display a strong preference for investing in local firms.1 This finding is unexpected from the point of view of standard portfolio theory, and it has spurred a large literature on the causes and consequences of ...
The international engagement of NZ firms
... The findings of the survey suggest that internationalised firms are demand-driven and seeking to cater to the specific markets that they are in. This follows from the observation that internationalised firms in particular appear to be more likely to undertake customer-focused innovations (e.g. produ ...
... The findings of the survey suggest that internationalised firms are demand-driven and seeking to cater to the specific markets that they are in. This follows from the observation that internationalised firms in particular appear to be more likely to undertake customer-focused innovations (e.g. produ ...
Labor Market Peer Firms
... Understanding firms’ economic linkages is central to economic analysis and policy making. Standard industry groupings are primarily based on product market relations and measure output but not necessarily input market shocks. Labor inputs, or human capital, play an important role in the production p ...
... Understanding firms’ economic linkages is central to economic analysis and policy making. Standard industry groupings are primarily based on product market relations and measure output but not necessarily input market shocks. Labor inputs, or human capital, play an important role in the production p ...
Questions Chapter 17 1) Which of the following statements are true
... [B] If the firm dramatically increases its depreciation expense it may have more of a need for an interest tax shield. [C] The present value of the interest tax shield is the amount of debt multiplied by the corporate tax rate. [D] The interest tax shield increases as a firm reduces its level of de ...
... [B] If the firm dramatically increases its depreciation expense it may have more of a need for an interest tax shield. [C] The present value of the interest tax shield is the amount of debt multiplied by the corporate tax rate. [D] The interest tax shield increases as a firm reduces its level of de ...
Essays on information asymmetry and the firm
... firms. The intuition is as follows. Given asymmetric information can lead to misvaluation, and recognizing that undervalued (but not overvalued) firms will conduct OMRs renders the empirical prediction that the shareholder wealth effect to OMR announcements should increase in the degree of a firm’s ...
... firms. The intuition is as follows. Given asymmetric information can lead to misvaluation, and recognizing that undervalued (but not overvalued) firms will conduct OMRs renders the empirical prediction that the shareholder wealth effect to OMR announcements should increase in the degree of a firm’s ...
UNCTAD`s Global Action Menu for Investment Facilitation
... national policy tools, and to target them towards foreign investment that is capable of promoting sustainable development. To respond to this systemic gap, in January 2016 UNCTAD launched an Action Menu on Investment Facilitation. The Action Menu aims to help countries address ground-level obstacles ...
... national policy tools, and to target them towards foreign investment that is capable of promoting sustainable development. To respond to this systemic gap, in January 2016 UNCTAD launched an Action Menu on Investment Facilitation. The Action Menu aims to help countries address ground-level obstacles ...
Market Implied Costs of Bankruptcy
... In contrast to other approaches that rely on the prices of debt securi es or credit default swaps our approach relies on the use of market prices of equity and equity deriva ves. This approach has several advantages. First, many debt securi es are not traded at all. Second, even if they are traded, ...
... In contrast to other approaches that rely on the prices of debt securi es or credit default swaps our approach relies on the use of market prices of equity and equity deriva ves. This approach has several advantages. First, many debt securi es are not traded at all. Second, even if they are traded, ...
Equity Quantitative Study - International Swaps and Derivatives
... The results of the Live Quote Experiments show that the dispersion of midquotes for all dealers pooled across all trades is 0.30%, which means that the quotes of different dealers are typically within 0.30% in volatility terms. The average dealer bid/ask spread is 0.89% which is similar to the avera ...
... The results of the Live Quote Experiments show that the dispersion of midquotes for all dealers pooled across all trades is 0.30%, which means that the quotes of different dealers are typically within 0.30% in volatility terms. The average dealer bid/ask spread is 0.89% which is similar to the avera ...
Firm Selection and Corporate Cash Holdings
... industry composition and a shift toward less profitable R&D–firms. The latter is key to generating higher cash ratios at IPO, necessary for the secular increase, whereas the former mechanism amplifies this effect. The data confirm the prominent role played by selection, and corroborate the model’s p ...
... industry composition and a shift toward less profitable R&D–firms. The latter is key to generating higher cash ratios at IPO, necessary for the secular increase, whereas the former mechanism amplifies this effect. The data confirm the prominent role played by selection, and corroborate the model’s p ...
Firm Selection and Corporate Cash Holdings
... industry composition and a shift toward less profitable R&D–firms. The latter is key to generating higher cash ratios at IPO, necessary for the secular increase, whereas the former mechanism amplifies this effect. The data confirm the prominent role played by selection, and corroborate the model’s p ...
... industry composition and a shift toward less profitable R&D–firms. The latter is key to generating higher cash ratios at IPO, necessary for the secular increase, whereas the former mechanism amplifies this effect. The data confirm the prominent role played by selection, and corroborate the model’s p ...
Dividends, Share Repurchases, and the Substitution Hypothesis
... find that the share repurchase activity over the last two decades has helped the average total payout ratio of firms to stay relatively constant despite the decline in the average dividend payout ratio. We also find that as a percentage of the total number of firms distributing cash to their equityh ...
... find that the share repurchase activity over the last two decades has helped the average total payout ratio of firms to stay relatively constant despite the decline in the average dividend payout ratio. We also find that as a percentage of the total number of firms distributing cash to their equityh ...
How expensive are cost savings?
... And then, resources devoted to infrastructure cannot be used for other, potentially more productive purposes – such as private investment, maintaining the existing public capital stock, and human capital formation. Finally, even when observing a positive link between public capital and economic grow ...
... And then, resources devoted to infrastructure cannot be used for other, potentially more productive purposes – such as private investment, maintaining the existing public capital stock, and human capital formation. Finally, even when observing a positive link between public capital and economic grow ...
CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM
... 18156 Darnell Drive, Olney, MD 20832 Telephone: (301) 570-9100 Facsimile: 240-363-0062 [email protected] ...
... 18156 Darnell Drive, Olney, MD 20832 Telephone: (301) 570-9100 Facsimile: 240-363-0062 [email protected] ...
Q3 - Fiera Capital
... Global equity markets produced some mixed results during the third quarter of 2016. Once again, the theme of Canadian equity dominance prevailed, with the S&P/TSX significantly outperforming its global peers. Canadian equities pushed through the 14,000 mark to hit their highest level since last Augu ...
... Global equity markets produced some mixed results during the third quarter of 2016. Once again, the theme of Canadian equity dominance prevailed, with the S&P/TSX significantly outperforming its global peers. Canadian equities pushed through the 14,000 mark to hit their highest level since last Augu ...
Private equity in the 1980s
Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. The 1980s saw the first major boom and bust cycle in private equity. The cycle which is typically marked by the 1982 acquisition of Gibson Greetings and ending just over a decade later was characterized by a dramatic surge in leveraged buyout (LBO) activity financed by junk bonds. The period culminated in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s marked by the collapse of Drexel Burnham Lambert and the high-yield debt market.